Starting today, as part of the CARES Act, small businesses and sole proprietorships can apply for the Paycheck Protection Program. This loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll and cover other critical expenses.
The loan will be fully forgiven if the funds are used for payroll costs (at least 75%), interest on mortgages, rent, and utilities. Loans are available on a first-come, first-served basis. The deadline to apply is June 30, 2020.
Who can Apply
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
Click below for eligibility requirements and details about the program.